Oil prices hover around US$76

04-Dec-09
As supplies rise in the United States, oil prices have been mixed. Prices have slipped marginally on the Nymex to US$76.4, while Brent North Sea crude for delivery in January rose to settle at US$78.36. Nymex started the futures contract session on the upswing, caused by positive economic data in the eurozone and USA, but remained bearish on release of data that showed unnerving increases in stockpiles. US crude inventories have spiked by 2.1 mln barrels in the week ending November 27. These figures indicate that the economy has hit a plateau and could be faced with the perils of contracting once again, unless the market sees a revival in demand.
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